Mexico’s Petroleos Mexicanos (Pemex) reported a smaller financial loss for 2016 than 2015. Natural gas production also declined while imports from the United States climbed.
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Pemex NatGas Contract Release Program Begins
Mexico’s Comision Reguladora de Energia (CRE) on Feb. 2 launched the first phase of the program to have state oil company Pemex release 70% of its natural gas supply contracts.
Mexico NatGas Market Growth Comes With Familiar Names, New Uncertainties
On the journey to reform Mexico’s natural gas markets, participants can’t always see where they’re going. While optimism for robust transparency and trading prevails, there are devils in the details, said speakers at a recent industry conference in Monterrey, the capital of Nuevo Leon, MX.
Mexico Opens to New Suppliers; Pemex Takes a Step Back
Mexican energy regulatory authorities have launched the program for state oil company Petroleos Mexicanos (Pemex) to surrender natural gas supply contracts amounting to 70% of its total sales volume. The program, begun late last week, will help private-sector companies gain market share and begin competing with Pemex.
BHP Captures Deepwater Prize in Mexico’s Auction With $624M Bid
Australia’s BHP Billiton on Monday was named the first deepwater partner ever for Mexico’s state-owned Petroleos Mexicanos (Pemex), winning the right to jointly explore two blocks in the prolific Perdido Fold Belt. Mexico also awarded the rights to explore other Perdido and Salina del Istmo Basin blocks, which all together may hold total reserves of 10.6 billion boe.
Taxes Bleeding Mexico’s Pemex Dry, Fitch Says
The Mexican government is taxing Petroleos Mexicanos (Pemex) to death, and a recently adopted support package to prop up Pemex is not enough, Fitch Ratings said in a note last week.
Briefs — Duke Energy Carolinas; Wyoming Wind Power, Mexico
Duke Energy Carolinas (DEC) is in the early stages of planning to convert two coal-fired power generation units at its 1,387 MW Rogers Energy Complex (formerly the Cliffside Steam Station) in North Carolina’s Cleveland and Rutherford counties to co-fired generation — coal and natural gas — the company told NGI. The Charlotte, NC-based utility expects to have the modifications completed in 2019, but it hasn’t released cost estimates or other details. DEC’s plans appear to hinge on Public Service Company of North Carolina (PSNC) receiving approval from the North Carolina Utilities Commission (NCUC) for a proposal to expand its natural gas pipeline system to increase transportation capacity to the Rogers facility. PSNC is also being tightlipped about its plans. The agreement with DEC “is confidential in nature and a proprietary trade secret,” PSNC said in an NCUC filing [No. G-5, Sub 569].
Troubled Oilfield Services Provider Settles Mexico Bribery Case
Houston-based Key Energy Services Inc., an onshore oilfield services/products provider, has agreed to pay $5 million in disgorgement to settle charges that it violated provisions of the Foreign Corrupt Practices Act (FCPA), the Securities and Exchange Commission (SEC) said Friday.
Brief — Sempra Energy/IEnova
Sempra EnergyMexico unit IEnova said it has restructured its deal to acquire the 50% stake in Gasoductos de Chihuahua that is held by Petroleos Mexicanos (Pemex). Last December, Mexico’s Federal Economic Competition Commission objected to the deal (see Daily GPI,Dec. 22, 2015). IEnova said it has reached an agreement with Pemex to restructure the deal in order to satisfy the regulator. According to IEnova, the price to be paid for the pipeline stake would be a minimum of US$1.108 billion. The deal is expected to close during the third quarter, assuming that regulatory conditions are satisfied by Pemex and regulatory approvals obtained, IEnova said.
Canadian Company Now Mexico’s ‘Second-Largest’ Petroleum Producer
Renaissance Oil Corp. recently took payment for its first sale of crude oil, condensate and natural gas to Mexican state oil company Petroleos Mexicanos (Pemex) for production from three recently acquired onshore blocks.